“国产GPU第一股”，今日申购

Core Viewpoint - The company "Moore Threads" is set to launch its IPO on the Sci-Tech Innovation Board, with a total share issuance of 70 million shares at a price of 114.28 yuan per share, aiming to raise approximately 8 billion yuan in total funds [1][2]. Group 1: Company Overview - Moore Threads was established in June 2020 and officially began operations in October 2020, recognized as a "specialized, refined, distinctive, and innovative" small giant enterprise by the state [2]. - The company specializes in the research, design, and sales of full-function GPU-related products and is one of the few domestic manufacturers capable of supporting full computational precision from FP8 to FP64 [2]. - The founder and actual controller, Zhang Jianzhong, has over ten years of experience at NVIDIA, where he served as global vice president and general manager for China [2]. Group 2: Financial Information - After the issuance, the total share capital of Moore Threads will be 470 million shares, leading to an estimated market capitalization of 53.7 billion yuan at the IPO price [2]. - The company has shown significant revenue growth but remains in a loss-making phase, with revenues of 0.46 million yuan in 2022, 1.24 million yuan in 2023, and projected 4.38 million yuan in 2024, while net losses were 1.894 billion yuan, 1.703 billion yuan, and 1.618 billion yuan respectively [3]. - In the first half of 2025, the company achieved revenues of 702 million yuan, surpassing the total revenue of the previous three years, with a net loss of 271 million yuan [3]. Group 3: Market Outlook - The company expresses strong confidence in the future development of the industry, anticipating explosive growth in demand for GPU and computing infrastructure driven by the increasing application of AI [3]. - According to Frost & Sullivan, the GPU market in China is expected to grow to 1.363578 trillion yuan by 2029, indicating a positive outlook for the development of computing infrastructure [3]. - The management team estimates that the company could achieve consolidated profitability as early as 2027 based on market space, product development, and customer engagement [3].